Chinese President Xi Jinping’s “zero-Covid” strategy appears to be generating a zero-growth scenario that few saw coming for the world’s second-largest economy.
Asia’s top economic power managed to eke out just 0.4% growth in the second quarter year-on-year, down from 4.8% in the first quarter, according to just-released data. That figure falls well below forecasts of 1% growth for the last three months and comes dangerously close to the negative territory few serious economists thought was possible in the Xi era.
It’s already casting a shadow over the rest of 2022.
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